BankAmericard® Secured Credit Card
You can earn 3% or 2% cashback on purchases upto $2,500 per quarter in combination choice categories, and grocery stores (1%) by using Bank of America card
Card Summary
Bank Americard Secured Credit Card was created to assist cardholders in rebuilding or establishing their credit.
There is an annual fee for the card of $0, and a $300 minimum security deposit.
Purchases and balance transfer APR's are variable at 22.99%.
Card Summary - Cons
Rates and fees
Highlights
Secured credit cards are designed to establish, consolidate or rebuild credit. The amount you deposit, the income of your household and your ability pay the credit card line will determine your maximum credit limit.
A check will be issued to the amount of the deposit you have provided that is greater than the maximum allowed based upon your ability to repay.
You can now access your FICO score updated monthly free of charge via your mobile banking app or online banking. To receive your FICO Score, key factors that affect it, as well as other useful information to help keep you credit healthy, opt-in.
Your account will be reviewed periodically. Based on your credit history, including your accounts with us, we may decide to return your security deposit.
Some customers may not be eligible. Credit education available on topics such as budgeting, credit card responsibly and using credit cards in a responsible manner.
Comparative Analysis with Other Cards
Bank Americard Secured Credit Card Vs. Capital One Platinum Security Credit Card
Annual Fee: The Bank Americard Secured Credit Card has an $0 annual fee.
Annual fee: The Capital One Platinum Secured Credit Card doesn't have an annual charge.
Rewards: There is no rewards program with this card.
Sign up bonus: No card provides a sign up bonus.
The benefits of both cards: These cards can help build and repair credit. Bank Americard Secured Credit Card offers free monthly FICO credit score access, account alerts, and zero fraud liability.
Capital One Platinum Secured credit card holders get benefits such as emergency card services and fraud coverage, Mastercard identity theft protection, and Mastercard Identity Theft Protection.
Bank Americard Secured Credit Card Vs. Bank Americard Secured Credit Card vs. Discover it Secured Credit Card
Reward Program: Bank Americard Secured Credit Card doesn't offer any rewards programs. Discover it Secured Credit Card offers 2% cashback at gas stations, restaurants and on any other purchase up to $1,000 per quarter.
Sign up bonus: Bank Americard Secured Credit Card doesn't offer any sign-up bonuses. Your total cashback rewards with the Discover it Secured credit card are automatically matched dollar-for-dollar at the end your first year.
The benefits of both cards are to improve or rebuild credit. Bank Americard Secured Credit Card provides monthly FICO credit score access free of charge and zero liability for fraudulent purchases.
Cardholders of the Discover It Secured Credit Card have free monthly FICO credit score access and receive free Social Security Number alerts.
Bank Americard Secured credit card benefits: Bank Americard Secured credit card holders can access a variety of banking and consumer benefits, including: No fraud coverage access to your monthly FICO credit score for no cost.
You can get overdraft protection by linking your bank card to a Bank of America checking account
Conclusion
Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.
